The Property / Real Estate Thread

This is a discussion on The Property / Real Estate Thread within Shifting gears, part of the Around the Corner category; Originally Posted by maddy42
We purchased a site in the Sathghalli B zone outside the ring road. What do you ...

We purchased a site in the Sathghalli B zone outside the ring road. What do you expect of the growth prospects of this area? Price we paid was about 2100 psqft. Mysore has always been a "will grow soon" city but nothing shows from the growth prospect other than crazy price for real estate.

As of now we see a lot of activity with regards to sites, but no industry activity which can compensate for the same. Am i being pessimistic in this crowd of optimism?

I'm not sure I understand your query.. Did you purchase it as an investment, or do you have plans of settling down there? If investment, then I guess the "crazy price for real estate" must've already justified your investment, no? If as a self-residential option, you might have to wait a bit longer before the area 'tames down'.
The residential property I currently stay at has multiplied 10 times over in the last decade, no exaggeration. The land still commands a premium at Mysore.
I would say hang to that site for a bit longer. Your investment won't go in vain.

Thank u for that.. Just concerned at such a large chunk of money which goes to an very small piece of land... With the same amount you could grow some food for humans! Lol anyways whom am I kidding!

On a side note I noticed land value in my district Coorg has been escalating. Only issue is urban centers have no town planning or proper garbage and sewage disposal and the site owners have to take care of these on their own. And if anyone is interested in purchasing coffee plantations, the price at which they sell currently will never yield a return on the investment by just cultivating coffee. The price and the cost of labor doesn't match with the inflation of coffee prices.

Please help me with this dilemma as I need to inform the developers before 4th March.

I had invested in Mysore in 2006 along with a fnd of mine as well in one of the society layout that was to be formed in a similar fashion as yours. The land was in society name, however plan approvals and every other documentation was pending and been pending till 2014.
However the total cost of 3.2 lacs for a 1200sft was collected and never appreciated since the property papers was not in my name and neither the layout formed because of approvals pending from MUDA.
So pls check for sure if the MUDA approval is already obtained and only then invest in such layouts.

ps: I anyways opted to come out of the deal along with my fnd with 100% money in 2014 that I had invested and aprpecite the society chief to oblige with this. But if you see from 2006 - 2014 - my 3.2lacs never appreciated and no interest.

So pls check for sure if the MUDA approval is already obtained and only then invest in such layouts.

ps: I anyways opted to come out of the deal along with my fnd with 100% money in 2014 that I had invested and aprpecite the society chief to oblige with this. But if you see from 2006 - 2014 - my 3.2lacs never appreciated and no interest.

Anup7649, thank you for sharing your experience and I am sorry to hear about the problems you had to go through for this property investment. The developer had informed me during booking that its a MUDA approved site and the same is also mentioned on their website. The land will also be registered in my name after the allotment.
This is the developers 5th phase of the same layout, I had visited their previous phases and they have been properly developed with roads, sewage system, site demarcations etc. so the developer seems genuine.
My only concern is if the prices of the land will appreciate in the future as Mysore is not growing as rapidly as Bangalore hence I didn't want this to be a dead investment.

Folks, very specific query regarding plots in mysore. I am looking at investing some money for purchasing a plot in mysore. The budget I have in mind is around 10-15 lakhs. Any suggestions as to which area I should look for buying in mysore? Though for now its investment purpose, I might plan to settle down there in future.

My only concern is if the prices of the land will appreciate in the future as Mysore is not growing as rapidly as Bangalore hence I didn't want this to be a dead investment.

Quote:

Originally Posted by TorqueyTechie

Any suggestions as to which area I should look for buying in mysore?
Also, do banks provide loans for purchasing plots?

Great to hear about that sChakra. Do note that with the volume of sites available in Mysore now, the reselling will do take time. Also the incremental gain will be slow when compared to Pune or Bangalore for sure and thats the call you have to take.
I love mysore for it being a peaceful city (I have seen it through 3 decades and the way it has grown), hence it is an apt retirement place.

Also the incremental gain will be slow when compared to Pune or Bangalore for sure and thats the call you have to take.

Quote:

Originally Posted by TorqueyTechie

Also, do banks provide loans for purchasing plots?

Not sure about Mysore, but 10-15 lakhs is too low for Bangalore. For that amount, any site will be good distance away from the city, somewhere beyond the PRR (or if one is lucky, close to the PRR) and in all probability with no individual electricity connection, no water, no working sewerage connection even if they claim it exists, no security, no shops for groceries and mud road for access. Plus the headache of actually going there once in a while to ensure that someone has not encroached on your land. Also one should watch out for the status of land, whether it is on a lake, gomala land, need for conversion, etc.

Almost all banks provide land loans. Interest rates are marginally higher with higher downpayment and there are no tax benefits.

rate of interest is same as any other house loan, currently it's at 9.25 or so I guess.

I have HDFC too and it is 0.05% or 0.15% (I forget) higher than a house loan. I moved from LIC to HDFC. Axis was not responsive and I think they got turned off when I told them it is a plot loan. My current rate is 9.7.

I am contemplating buying of an apartment in Prestige Shantiniketan, Bangalore. I really liked lay out of flat as well as the community/open space/amenities.

I had some questions. Please share your insights if you stay there/have stayed there or have POVs.

1. Is there any concern around construction quality of Shantiniketan ? I know the story of the building collapse etc. However, if anyone has first hand experience, is construction quality of apartment really bad?( eg. Seepages, cracks etc.)
2. I heard that the lifts used in towers are of inferior quality and have frequent breakdowns. Is that right?
3. Landowner is selling his share of apartments in tower 5 for around 7100/- psft ( including car parking ). These are unused flats. At this rate - is it a good buy with end user perspective? I am planning to stay there. Do we see any upside from this level in future?

I am contemplating buying of an apartment in Prestige Shantiniketan, Bangalore. I really liked lay out of flat as well as the community/open space/amenities.

3. Landowner is selling his share of apartments in tower 5 for around 7100/- psft ( including car parking ). These are unused flats. At this rate - is it a good buy with end user perspective? I am planning to stay there. Do we see any upside from this level in future?

Thanking you in advance!

FLats are decent. The ones you are looking at have never been used. Expect teething issues + seized fittings etc. No idea about elevators. MY cousin stays there. I will find out more on Fri